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Descriptive Statistics - methods of organizing, summarizing, and presenting data in an informative way. Inferential Statistics: A decision, estimate, prediction, or generalization about a population, based on a sample. Note: In statistics the word population and sample have a broader meaning. A population or sample may consist of individuals or objects
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Price, $
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No. of Cars
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1 19000 20000 21000 22000 23000 24000
Quantitative variable - information is reported numerically. EXAMPLES: balance in your checking account, minutes remaining in class, or number of children in a family.
THE MEDIAN
MEDIAN The midpoint of the values after they have been ordered from the smallest to the largest, or the largest to the smallest.
There is a unique median for each data set. It is not affected by extremely large or small values and is therefore a valuable measure of central tendency when such values occur. It can be computed for ratio-level, interval-level, and ordinal-level data. It can be computed for an open-ended frequency distribution if the median does not lie in an open-ended class. The heights of four basketball players, in inches, are: 76, 73, 80, 75 Arranging the data in ascending order gives: Arranging the data in ascending order gives: 73, 75, 76, 80.
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EXAMPLES: The ages for a sample of five college students are: 21, 25, 19, 20, 22
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Limitation: If one or two of the values are either extremely very high or extremely very low compared to the majority of the data, mean might not be an appropriate average to represent the data
POPULATION MEAN
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SKEWNESS
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Your height
3-5 Average 4
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1-7 Average 4
MEASURES OF DISPERSION
A measure of location, such as the mean or the median, only describes the center of the data. It is valuable from that standpoint, but it does not tell us anything about the spread of the data. For example, if your nature guide told you that the river ahead averaged 3 feet in depth, would you want to wade across on foot without additional information? Probably not. You would want to know something about the variation in the depth.
A second reason for studying the dispersion in a set of data is to compare the spread in two or more distributions.
RANGE
MEAN DEVIATION
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LO7
EXAMPLE: The number of cappuccinos sold at the Starbucks location in the Orange Country Airport between 4 and 7 p.m. for a sample of 5 days last year were 20, 40, 50, 60, and 80. Determine the mean deviation for the number of cappuccinos sold. Step 1: Compute the mean Step 2: Subtract the mean (50) from each of the observations, convert to positive if difference x 20 40 50 60 80 50 is negative x
Step 3: Sum the absolute differences found in step 2 then divide by the number of observations
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LO7
The variance and standard deviations are nonnegative and are zero only if all observations are the same. For populations whose values are near the mean, the variance and standard deviation will be small. For populations whose values are dispersed from the mean, the population variance and standard deviation will be large. The variance overcomes the weakness of the range by using all the values in the population
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x 19 17 ... 34 10 348 29 N 12 12
2 ( X ) 1,488 2 124 N 12
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Where : s 2 is the sample variance X is the value of each observation in the sample X is the mean of the sample n is the number of observations in the sample
EXAMPLE The hourly wages for a sample of part-time employees at Home Depot are: $12, $20, $16, $18, and $19.
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Chebyshevs Theorem
Range 2 3 5 Amount 75% 88.90% 96%
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2 3
68%
95.44% 99.73%
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SIX SIGMA
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2 means 45,600 defects per 1000,000 product 3 means 2,700 defects per 1000,000 product 6 means 2 defects per 1000,000,000 product
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2 = 95.44% (From empirical rule) So (100- 95.44) % = 4.56% defective 100 products 4.56 defective 1 product (4.56/100) 1000,000 products (4.56/100) x 1000,000 defective =45,600 defective
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3 = 99.73% (From empirical rule) So (100- 99.73) % = 0.27% defective 100 products 0.27 defective 1 product (0.27/100) 1000,000 products (0.27/100) x 1000,000 defective =2,700 defective
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6 = 99.9999998% (From empirical rule) So (100- 99.9999998) % = 0.0000002% defective 100 products 0.0000002 defective 1 product (0.0000002 /100) 1000,000,000 products (4.56/100) x 1000,000,000 defective =2 defective
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Suppose mean shift 1.5 to the right Left side 3 + 1.5 = 4.5 = 0.49997 Right side 3 - 1.5 = 1.5 = 0.43319 Total area = 0.49997 + 0.43319 = 0.93316 That means 93.316% data are within specification limit
4/22/2013
100 products 6.684 defective 1 product 6.684/100 defective 1000,000 products (6.684/100) x 1000,000 defectives = 66,840 defectives
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Suppose mean shift 1.5 to the right Left side 6 + 1.5 = 7.5 Area outside (left) = 0.00000000000003 Right side 6 - 1.5 = 4.5 Area outside (right) = 0.00000339767313 Total area outside = 0.00000339
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100 products 0.000339 defective 1 product 0.000339/100 defective 1000,000 products (0.000339 /100) x 1000,000 defectives = 3.39 or 3.4 defectives
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Six Sigma is short cut of saying six standard deviations from the mean (both direction), which specifies a tolerable range.
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